As we head into fall, we can look back over the last 3 months to get a sense of the market activity for July, August and September. With that data, and the day-to-day current trends we can read the overall market activity; helpful insight for planning! The below link takes you to the last 90 days of reported data. Our additional blog post on “September 2022 vs 2021” will give you insight into this year vs last year.
As we look at the report below the general trends are:
- This is a still sellers market but not as HOT as we saw the last 2 years.
- There is more on the market now than a few months ago although still less than buyer demand. This means there are more choices for buyers, more competition for sellers and bottom line: planning and the right action plan will make the most impact in this market.
- The length of time on the market is trending UP – meaning you can expect a home to last a bit longer on the market than we saw last year, however the amount of time on the market still is well within the length of time to be considered a sellers market. As we highlighted in our earlier blog post, anything 180 days or less on the market keeps us in a sellers market. Right now the average days on market is trending 15-20 days on the market; keeping us still in the range of this being a strong market.
There is no doubt that rising interest rates are influencing buyers decisions and affordability. That coupled with more listings hitting the market is really leading to a lot of clients reaching out to better understand their current market value and the best way to navigate today’s market.
Let’s talk about your plans and how you can best move forward in today’s market! Reach out to me by clicking here: MESSAGE JOHN
You can view the full report here: 3rd Quarter 2022 QUARTERLY MARKET TRENDS REPORT